WEEK 12 Merged

Week-12 Date- 18-24/03/2024
THE WEEKLY AN INITIATIVE OF HM ASSET MANAGEMENT COMPANY

ANIRUDH KALRA; JATIN SAINI
What counted was the profit

as a percentage of the
capital invested. That was
the yardstick by which
Buffett would grade
performance.
“‘I’d rather have a $10

million business making 15
percent than a $100 million
business making 5 per-
cent,’ Buffett said. ‘I have
other places I can put the
money.’”
~ exchange between
Buffett and Ken Chance
THE T HREE ‘POWELL ’ PLAYS
THE NEXT EDITION WILL BE BETTER

INTEREST RATES AND INFLATION
New this week This week has been filed with several economic decisions- increase in repo-rates to takle rising
inflation, plan to reduce interest rates to tackle falling growth, and on the other hand many countries
already declared themselves to be in recession [Germany, New Zeland]. Some are struggling from
hyperinflation [Turkiye, Argentina], some are in slowdown [China] and rest are in between on the
Story one spectrum of pain. But to understand the reasoning for policy decision, it is pre-requisite to understand
The Two tales of rates, and many in betweens. the conventional view of economics over this topic.
Story two The conventional view among economists is that higher interest rates lead to lower inflation. The
The competitive push in passenger EV
rationale behind this view is that higher interest rates increase the cost of borrowing and dampen
demand across the economy, resulting in excess supply and lower inflation.
Story three
The yellow fear
A central bank facing the prospect of higher-than-targeted inflation would raise interest rates enough
Story four to increase the real (inflation-adjusted) cost of borrowing, thereby reducing aggregate demand and
The technicals: The Dow Theory returning inflation back toward the desired level.
Story five
THE OLD AND WISE: Mungerism
Story six
DECEMBER 13, 1995
Story seven
The Not So Transparent Bonds
Story eight
ITC Ltd’s investors have been worried this year
Story nine
Insider trading of this week
THE END OF ‘NEGATIVE PUSH’

After end of covid, many central banks increased bank rates in an unprecedented fashion, to control
The Bank of Japan ended its negative interest rates when its policy the rising inflation due to recovery in demand and supply side constraints. So they forego growth
board met on Monday and Tuesday, marking the first rate hike since and chose price regulation. [Keep this in mind]
February 2007 in a turning point for the BOJ's long-running monetary
easing policy. The central bank sees a chance to normalize its
Now three years forward, the main question of the streets is for how long these elevated interest
monetary policy now that inflation appears set to remain at 2% or
higher -- the BOJ's condition for changing its policy -- as big rate cycle is going to continue—Streets want rate cuts.
corporations and their labor unions agreed on substantial wage hikes
this year. FIRST CATEGORY
The Bank of Japan is widely expected to raise the policy rate, Now the concern of central banks of the likes FOMC and RBI, is that still inflation is above their
currently at negative 0.1%, by more than 0.1 point to guide short-term tolerance range, over that buoyant job data, high consumption are not helping the case of rate
interest to the 0%-0.1% range. Under the negative rate policy, the BOJ reduction, so if they hastly reduced rates this will increase the inflation further, thus a new rate
imposes an interest rate of minus 0.1% on certain deposits by financial cycle will kick-start.
institutions. The BOJ is currently the only central bank in the world
This week, when Jerome powell reiterated his stance to keep rates constant and over that reduction
that employs negative rates, seen as a symbol of its massive monetary
easing. in interest rate three times in current fiscal year, was enough to recover the falling mid and small
caps of India, and provided a push to US markets to their time high.
As the Bank of Japan exits negative rates, it also is expected to scrap But these are the countries which are growing still and there are signs of moderation but not
yield curve control, which sets a reference cap of around 1% for the slowdon.
long-term interest rate, a key tool of its massive monetary easing. New
purchases of exchange-traded funds and real estate investment trusts
likely would be terminated SECOND CATEGORY
These are countries, who increased rates like others but now facing a peculiar problem. Where
In 2022, over 290 rate hikes were done by Central Banks globally to
These countries find themselves yoy increased inflation, but a slowdown in consumption and higher
try and control supply chain and commodity prices driven inflation.
The Bank of Japan however kept its stance accommodative, with
than average interest rates. Many are now even using the dreaded ‘R’ word to describe there
monetary easing, that has been in place since it last raised rates in situation.
February 2007. The BOJ's exit from negative rates would affect not We can put countries like Germany, New Zeland like this into this. The dilemma for their central
only companies and households, but also the global flow of money. bank is to choose between controlling increased inflation or boost falling sentiments.
The move from negative rates to a 0 to slightly positive rates by the

Bank of Japan will impact the global "carry trade" , where global
funds borrow in Yen and invest in bonds in countries with higher
THIRD CATEGORY
sovereign bond yields as well as in global equity markets.
These are countires like Turkiye, who are still increasing rates aggressively [this week they
This "carry trade" impact will take some time and more rate hikes to increased rate by 500 bp or 5 percent]. Despite increasing rates the inflation is still beyond control,
work through global fund flows, but being the first hike since 2007 , Consumer prices surged 67% from a year ago in February.
we are in unchartered territory with the BOJ rate hikes . More on
Tuesday once the event unfolds and the press conference is over in
the afternoon.
(Source- Ajay Bagga)
JAPAN BRACES FOR ZERO… THE TRAGEDY OF TÜRKIYE
Japan's central bank this week raised interest rates for the first time in 17 years and Turkey's central bank has unexpectedly raised its key interest rate as the country continues to try
scrapped its negative rates policy. While the move is more symbolic than anything else, and reign in soaring inflation.
rates remain pinned near zero - it has nonetheless opened the door to something Japan The Central Bank of Turkey said on Thursday that it had raised the policy rate (or one-week repo
hasn't seen in decades: a world where it will cost more to borrow money. auction rate) to 50%, up from 45%, due to higher-than-expected inflation in February.
Now, millions of Japanese, from small business owners to first-time homebuyers, are
sizing up how to adapt to higher borrowing costs after the long, lean years of deflation, "While imports of consumption goods and gold slowed down and contributed to the
improvement in the current account balance, other recent indicators imply that domestic
when prices, wages and the cost of money changed little. demand remains resilient,Stickiness in services inflation, inflation expectations, geopolitical
How they cope will have vast implications in an economy where small and medium-sized risks, and food prices keep inflation pressures alive”.
companies employ some 70% of the workforce and private consumption accounts for
more than half of the gross domestic product. "Tight monetary stance will be maintained until a significant and sustained decline in the
underlying trend of monthly inflation is observed, and inflation expectations converge to the
Japanese companies and households have long stuck to a deflation playbook: hoard cash projected forecast range," the central bank said, adding that it expects to see disinflation in
and cut costs. That left the economy in a vicious cycle of stop-start growth and flat-lining the second half of 2024.
wages. Shaking off that deflationary mindset, may prove difficult, even as prices, and
some wages, go up. The bank said that the decision to start hiking interest rates again -following a brief pause last
While big companies are now giving some of the largest pay increases in decades, it's less month which led market analysts to believe another hold was on the cards - came in response to
clear how much will trickle down to smaller firms. a "deterioration in the inflation outlook".
Eiichi Hagiwara, who owns a Tokyo-based designer of water treatment equipment, says
Indeed, inflation is still running rampant in Turkey: core consumer prices rose at a rate of 72.89%
higher borrowing costs could eat into the already razor-thin margins at small in February over the same month in 2023, while annual inflation was last recorded at nearly 70%
companies. in February, the highest in 15 months.
For him, that could take bigger projects off the table, as those require loans to cover Turkey has been suffering from chronic inflation due to years of Erdoğan's unorthodox policies.
materials and other costs up front, he said. Having to pay interest ultimately means
lower profit margins.
However, Karahan (Governor of central bank) has said that getting inflation under control is his
"There's no work with big margins now," Hagiwara said. "If I don't lower prices I can't top priority, vowing to increase rates further if inflation surges.
get the work." Generally he eschews lending, preferring to keep cash reserves for Over that turkiye enters into the election, so how this situation unfolds, will be a key
operational costs. He also relies on soft skills, such as taking customers out to cement situation to watch out for.
relationships.
FALLING LIRA
SILVER LINING
The spurred a credit boom – banks’ net loans more than doubled from 2020 to 2022 – boosting
Some business owners, especially those reliant on imports, hope interest rates could the economy ahead of May’s parliamentary and presidential votes, but also intensified a long-
finally put a floor under the weak yen. The currency's chronic sell-off has driven up the term slump in the Turkish lira. It has lost 93 percent of its value versus the dollar over the past
cost of food and fuel. decade.
Around 60% of Japanese firms expect rates to rise to 0.25% by the end of the year, a S&P Global Ratings forecasts Turkey’s real GDP growth will more than halve year-on-
Reuters survey showed on Thursday. Many said they are looking to front-load spending
year to 2.3 percent in 2023, and predicts a “sharp currency depreciation”, with the lira
before borrowing costs rise
($1 = 151.0600 yen) falling to 40 to the dollar in 2024.
THE TWO TALES OF RATES, AND MANY IN BETWEEN

REPO-RATE INFLATION
Country
Mar-24 Mar-23 Mar-22 Feb-24 Feb-23 Feb-22
India 6.5 6.5 6.5 5.09 6.44 6.07
Japan 0 -0.1 -0.1 2.8 3.3 0.9
Argentina 80 72 34.5 276.2 102.5 52.3
US 5.3 6.5 4 3.2 6 7.9
Turkey 50 8.5 14 67.06 55.18 54.43
UK 5.2 4.2 0.7 3.4 10.4 6.2
South Korea 3.5 3.5 1.2 3.1 4.8 3.7
China 1.8 2 2.1 0.7 1 0.9
INFLATION PROJECTIONS
Global economic prospects hang on a delicate balance, largely hinging on the path of inflation.
While inflation looks to be easing, there remains the risk of a second wave of price pressures driven by geopolitical
conflicts and supply disruptions in the Red Sea. Adding to this, a stronger than expected labor market could drive
consumer demand, pushing up higher prices.
In 2024, global inflation is projected to decline to 5.8%, down from a 6.8% estimated annual average in 2023. Tighter
monetary policy and falling energy prices are forecast to dampen price pressures alongside a cooling labor market.
Venezuela, with the largest oil reserves globally, is projected to see inflation reach 230%—the highest overall. Across
the last decade, the country has faced hyperinflation, reaching a stunning 10 million percent in 2019. Since U.S.
sanctions were lifted last year, inflation has fallen dramatically due to sharp cuts in government spending and
increasing dollarization of the economy, which is bolstering the bolivar.
In America, slower economic growth coupled with a softening labor market could ease inflation, which is forecast
to reach 2.6% in 2024. While the Federal Reserve has signaled that the worst is over, unexpected momentum across
the economy could cloud the outcome. As of November 2023, $290 billion in excess savings were held across
American households, which may continue to spur consumer demand.
Over in Europe, inflation is anticipated to average 3.3% across advanced economies. Today, sinking natural gas
prices and low GDP growth are keeping inflation expectations at bay.
China, the world’s second-largest economy, is contending with falling prices due to property market trouble, which
drives about a third of the country’s economic growth. Amid sluggish economic activity, a manufacturing slowdown,
and low consumer confidence, inflation is forecast to reach 1.7%.
WHAT COULD CAUSE INFLATION TO RE-ACCELERATE?

While inflation shocks driven from the pandemic appear to be over, key risks could drive up inflation:
Geopolitical Pressures: Rising shipping costs due to the conflict in the Middle East and Red Sea could continue to escalate and energy prices could increase amid disrupted supply, driving inflation
higher.
Strong Consumer Demand: Accumulated excess savings could continue to fuel economies, leading central banks to remain hawkish. Persistently high wage growth—which increased about double
the pre-pandemic average across advanced nations in 2023—could boost consumption and higher prices.
Rising Housing Costs: Shelter makes up about a third of the Consumer Price Index, the biggest component overall. If prices accelerate, it presents key inflationary risks.
So far, the global economy has been resilient. While risk factors remain, inflation projections suggest that the path towards a 2% target is slow, but going in the right direction.
THE ELECTRIC POLICY
The Union Government has approved a scheme to promote India as a manufacturing destination so that e-vehicles (EV) with the latest technology can be manufactured in
the country. The policy is designed to attract investments in the e-vehicle space by reputed global EV manufacturers.
This will provide Indian consumers with access to latest technology, boost the Make in India initiative, strengthen the EV ecosystem by promoting healthy competition
among EV players leading to high volume of production, economies of scale, lower cost of production, reduce imports of crude Oil, lower trade deficit, reduce air pollution,
particularly in cities, and will have a positive impact on health and environment .
A NEW PHASE IN ‘EV-P’ STORY SUMMARY

The new Electric Vehicle Policy is likely to intensify competition in the electric passenger vehicle (PV) segment, but will benefit
 Minimum Investment Rs 4150 Cr required
domestic auto component players due to its emphasis towards localization.
with no cap on maximum Investment.
The Government of India approved a new EV policy that will pave the way for global brands like US-based Tesla & Vietnamese
carmaker Vinfast to enter the Indian market. The policy allows automakers to import up to 8,000 Electric PVs priced $35,000  3 years timeline for setting up
or higher for a period of five years at a reduced import duty of 15%, as against 70% earlier, provided that the company commits manufacturing facilities in India, and
to invest at least $500 million in India for local manufacturing. start commercial production of EVs; 50%
domestic value addition to be reached
The policy envisages 25% domestic value addition (DVA) over 3 years and 50% over 5 years. The investment commitment
made by the company will have to be backed by a bank guarantee in lieu of the forgone custom duty.
within 5 years at the maximum.
 Companies setting up manufacturing

Sector experts believe the new policy will certainly encourage global Original Equipment Manufacturers (OEMs) to set up
manufacturing facilities in India and any launch priced at or below the ₹20 lakh mark in India will likely garner significant facilities for EVs to be allowed limited
consumer interest, and hence, can be a cause of worry for Indian OEMs. imports of cars at lower custom duty.
IMPLICATIONS FOR ORIGINAL EQUIPMENT MANUFACTURERS

Analysts at Emkay Global Financial Services said that the competition on the electric PVs was set to intensify as - apart from launches by domestic
majors - international players were also potentially looking to set up facilities. They believe the PV industry is entering a phase of uncertainty
around growth as well as disruption. Considering that India sold 42,000 luxury cars in CY23, the plan to import a maximum of 8,000 premium
EVs per annum at a concessional rate will lead to a market penetration of around 20%.
Motilal Oswal Financial Services, in a note, said it believes that the new EV policy aims to promote the development of the EV ecosystem and local
manufacturing in India, while reasonably protecting the Indian OEMs largely operating below the $35,000 price point. “Nevertheless, there
could be some risk to a few of the upcoming models of M&M and Tata Motors at the upper end of the SUV market. It could also potentially impact
sales of luxury vehicles (German brands) with an increased entry of mid-to-premium EVs at competitive pricing (potentially impacting Landmark
Cars - a Mercedes dealership)," said the brokerage firm.
However, Kotak Institutional Equities believes there will be negligible impact on the domestic passenger vehicle market due to EV manufacturing
policy in the near term owing to higher price points of the imported electric vehicles, where the market size is limited in India and cap on imports
on an annual basis.
The brokerage firm believes the entry of Tesla into the Indian market will lead to an increase in competitive intensity and the domestic players will
have to step up their play in the electric vehicle segment.
PROXY PLAY
OPPORTUNITY FOR THE MAMMOTH However, the new EV policy is expected
to benefit domestic auto component
This move is positioning India as a destination open for business while managing to not alienate the domestic industry
players who invest in advanced
technologies that are currently not
While Tesla was negotiating for the duty reduction to be available for an affordable $25,000 EV that it is planning to develop for markets like
manufactured in India. It can help the
India, it will now likely to bring its Model 3, which sells at close to $40,000 globally, to India and work towards localizing its operations to kick
auto component sector absorb high-end
start its India entry plans.The move seems primed for Tesla's entry to India. The Model 3 and Model Y are priced above $35,000 and will finally
technology faster, as 50% localization is
give the company access to the Indian market, in a culmination of its now years-long efforts to lobby for lower duties.
needed in five years.
“Vinfast, however, will have to identify the right model to bring to India as it has
Emkay Global believes Motherson Sumi
models in its global portfolio that are below the $35,000 price point or then in the
Wiring, which supplies to most of the PV
luxury range, which might not be viable for a dealer distribution network in India”.
OEMs, would be a better proxy play on
the PV story, instead of taking market
This scheme will not be applicable to existing OEMs like Hyundai, Kia, BYD or
share risks among OEMs, with bottom-
MG Motor India, or European OEMs Mercedes Benz and BMW, unless they make
up superior growth, new client additions
a fresh investment of at least $500 million in the next three years, in assembly
such as Tata PVs, and margin triggers.
operations, or setting up a battery or cell manufacturing facility or in establishing
charging infrastructure.
According to InCred Equities, the auto
Detailed guidelines for the scheme are yet to be released. The company applying component companies already supplying
to be eligible under the scheme will also have to meet a minimum global to EV vehicle makers globally will also
turnover requirement. be key beneficiaries. These include
Samvardhana Motherson International
A spokesperson for Mahindra & Mahindra said: "The recently announced EV policy for new entrants reinforces the Make in India momentum, (SAMIL), Bharat Forge and Endurance
with requirements of bank guarantees, minimum investment commitment and local value addition. This will help accelerate the EV ecosystem in Technologies.
India. Our Born Electric SUVs are on track to be launched in Jan 2025 with cutting-edge technology. Our products will speak for themselves."
On the new EV passenger vehicle manufacturing scheme, Vinod Aggarwal, president, SIAM said: “A holistic view has been taken by the SAMIL’s penetration into premium
Government in best interest of the country. The Indian Automobile Industry and members of SIAM will adapt to this new policy and remain car manufacturers globally and new
order wins in the EV space can help if
committed to bring new, innovative & aspirational products and work towards developing a robust EV Eco system in India. " any global manufacturer sets up a
plant in India and needs to localize
production..
THE POLICY
Minimum Investment required: Rs 4150 Cr (∼USD 500 Mn). No limit on maximum Investment
Timeline for manufacturing: 3 years for setting up manufacturing facilities in India, and to start commercial production of e- vehicles, and reach 50% domestic value addition (DVA)
within 5 years at the maximum.
Domestic value addition (DVA) during manufacturing: A localization level of 25% by the 3rd year and 50% by the 5th year will have to be achieved. The customs duty of 15% (as
applicable to CKD units) would be applicable on vehicle of minimum CIF value of USD 35,000 and above for a total period of 5 years subject to the manufacturer setting up manufacturing
facilities in India within a 3-year period.
The duty foregone on the total number of EV allowed for import would be limited to the investment made or ₹6484 Cr (equal to incentive under PLI scheme) whichever is lower. A
maximum of 40,000 EVs at the rate of not more than 8,000 per year would be permissible if the investment is of USD 800 Mn or more. The carryover of unutilized annual import limits
would be permitted. The Investment commitment made by the company will have to be backed up by a bank guarantee in lieu of the custom duty forgone The Bank guarantee will be
invoked in case of non-achievement of DVA and minimum investment criteria defined under the scheme guidelines.
MOVING FORCES THE CHINESE INSATIETY
Like any other economic commodity
the price of this yellow metal is The People’s Bank of China (PBoC) regained the crown for the largest single
determined by the demand and supply gold buyer; as it reported a total rise of 225t in its gold reserves over the year.
principle of economics. This makes 2023 the country’s highest single year of reported additions since
at least 1977.2
RISING INTEREST RATES As a result, PBoC gold reserves now stand at 2,235t, although this still
The first thing to understand is that real represents only 4% of China’s vast international reserves.
interest rates [Nominal interest rates-inflation]
are the biggest enemy of gold prices hence the It makes a lot of sense, buying gold if someone is from china, as they are
rule of thumb is when rate rises, gold falls. faced with a battered real estate, and the benchmark stock index which
This is due to higher yields on fixed-income
despite stock manipulation by the Chinese governemtn is continuing the one
assets like bonds, diminishing the appeal of
non-yielding metals. way fall for now three years in row. So the only safe bet they could place
But then why the global demand of gold is their trust is in this yellow shiny metal.
more at 1 percent of real rate in US, then it
was at negative 1 percent? They are to put in a single word- ‘Buying out of fear’.
INFLATION
Rising rates don’t guarantee falling gold
THE GOLD RUSH

prices. Inflation expectations play a key role.
If rates aren’t seen as keeping pace with
inflation, metals can rise as investors seek
shelter from currency devaluation.
GEOPOLITICS The slow steady rise of gold throughout found many investors sleeping. ETF’s are seling, Institutional investors are selling
Buyer of gold, buys it in fear. Yes, most of the gold, then who is buying? Let’s find out.
times the buyer of the gold forms his long
position to hedge somekind of fear, that can
be currency devaluation or dollar
appreciation, etc.
Or in case of condition like war, the war of THE LOVE-HATE RELATIONSHIP WITH GOLD
Ukraine and Russia pushed even further the For the last two years, Central banks have bought 30 percent of global mined gold
demand of gold.
ETFs are selling, institutional investors are selling, but the gold is breaching its all time highs due to huge demand from central banks,
Here is the reply of Polish central bank when we say huge, we mean the buying of central bank is 4X of what they are selling. Central bank demand, maintained its momentum
president, Adam Glapińsk, when asked about in Q4 as a further 229t was added to global official gold reserves. This lifted annual (net) demand to 1,037t, just short of the record set
aggressive buying of gold – in 2022 of 1,082t. Global official sector gold reserves are now estimated to total 36,700t.
“Yes, in order to further increase
Poland’s financial security, we will Two successive years of over 1,000t of buying is testament to the recent strength in central bank demand for gold. Central banks have
continue the current policy, we will been consistent net buyers on an annual basis since 2010, accumulating over 7,800t in that time, of which more than a quarter was
certainly strive to increase our gold
bought in the last two years. Findings from our 2022 and 2023 Central Bank Gold Survey show that gold’s performance during times
resources. However, the scale and
pace of purchases will depend, among of crisis and its role as a long term store of value are key reasons for central banks to hold gold.
others on the dynamics of changes in
official reserve assets and current As well as extending the buying trend to 14 consecutive years, the breadth of reported buying among central banks remained healthy in
market conditions. I initially assume that 2023. The vast majority of purchases continued to come from emerging market central banks, many of whom have been regular buyers
I will propose to buy another 100 tons in
2022.”
in recent years.
A country in just midst of war, this frenzy to The National Bank of Poland was the second largest buyer in 2023. Between April and November, the central bank bought 130t of gold,
buy gold seems a pragmatic decision. increasing its gold holdings by 57%, to 359t. As with the PBoC, this was the highest level of annual buying from the NBP on record3
Whereas China is completely different story. and exceeded the previously stated target of 100t.4 In October, NBP President, Adam Glapiński, indicated that he would like to see
gold accounting for 20% of Poland’s international reserves (gold’s current share is 12%).
DE-DOLLARIZATION Buying beyond these two banks was relatively modest by comparison, but no less important. The Monetary Authority of Singapore was
The US dollar has been the de-facto world once again the sole developed market buyer, adding a further 77t to its gold reserves, lifting them to 230t. The Central Bank of Libya
reserve currency for more than half a century, added to its gold reserves for the first time since 1998/9, buying 30t in June; its gold reserves now total 147t. The Czech National Bank’s
with no questions asked about the greenback’s purchase of 19t of gold was its highest annual addition on record back to 1993; the Czech Republic’s gold reserves now stand at 31t.
exceptionalism. However, the Ukraine war
potentially begets an inflection point wherein The Reserve Bank of India and the Central Bank of Iraq were among the other banks that added a tonne or more to their reserves. The
nations are endeavoring for a multipolar European Central Bank also saw its gold reserves rise by almost 2t in January, but this was a transfer of gold from Croatia as the country
world. joined the eurozone.
The global reserve currency is characterised
by steady supply, liquidity, and absence of Reported gross purchases were so strong that they comfortably outweighed higher gross sales in 2023. The National Bank of Kazakhstan
capital controls. However, the freezing of (47t, as of November) and the Central Bank of Uzbekistan (25t) were the two largest sellers of gold. Both banks buy gold domestically
Russia’s central bank assets by the US – as both nations are significant gold producers – and actively manage a portion of their substantial official gold reserves. Therefore the
political regime has dented the credentials of swings between buying and selling we have seen in recent years are not wholly surprising. In statements to Bloomberg in July, the
the greenback as a reserve currency. National Bank of Kazakhstan was clear that its aim is to cut gold’s share of its international reserves to 50-55% (from 58% in November,
the latest data available).
Amid the varied possibilities, most reckon
that gold is a certain beneficiary. Which by The Central Bank of Bolivia reported that its gold holdings fell by 18t between May and August (latest data available). This followed
lookin at 2023 outperformance seems true,
the passing of a bill in May, which allowed for the monetisation of official gold reserves. This 43% decline in official gold reserves
but for how long can it continue?
since end-April leaves gold holdings totalling just over 24 tonnes. According to reports, the central bank must keep a minimum of 22
tonnes of gold reserves.
The Central Bank of Turkey was also a net seller in 2023 – but only just. Having sold 159t between March and May to help satisfy very
strong domestic demand during a temporary partial ban on gold bullion imports,10 official gold reserves finished the year just 2t lower
than at the end of 2022. A resumption in strategic buying since May has helped official gold reserves recover to 540t.
Looking ahead into 2024, making predictions for this sector is as challenging as ever. But the buying trend that has been in place since
2010 shows little sign of abating, even if a third consecutive year of ~1,000t net purchases may be unlikely. This reinforces our belief
that global central banks will remain net buyers again this year. For more on this, please see the Outlook section.
In 2023, gold displayеd a rеmarkablе 13% yеar-to-datе
incrеasе, rеaching a rеcord high of Rs. 64,460 pеr 10 gm.
THE TECHNICALS
THE DOW THEORY

The Dow Theory is made up of six tenets, and all traders who decide to use technical analysis should know these 6
principles, as they will help them to better understand how the markets work.
THE AVERAGES DISCOUNT EVERYTHING

THE ORIGINS Every single factor, information that is likely to have influence on both demand and supply is reflected in the market price. For
example, presidential elections in the United States or introduction of a new product, etc.
THE MARKET HAS THREE TRENDS

Dow has considered a trend to have three parts: primary, secondary and minor.
Charles dow and Edward The Primary trend (compared to the tides) is the largest trend, which lasts for more than a year. When there is a wave of rising
jones founded Dow Jones & prices, we have a rising (bull) market, when prices are declining we have a falling (bear) market. So, the Primary trend can be either
company in 1882. On July 3, rising (bullish) or falling (bearish).
1884, Dow published the first The Secondary trend (compared to the waves in the tide) is an intermediate trend. This trend represents corrections in the primary
stock market average trend, which lasts from three weeks to three months, retracing from one-third to two-thirds of the previous trend movement.
composed of the closing
The Minor trend (compared to the ripples) is considered a short-term movement, and it usually lasts less than three weeks. This
price of eleven stock: nine
trend is associated with the movements in the secondary trend.
railroad companies and two
manufacturing firms. Dow
felt that these eleven MAJOR TRENDS HAVE THREE PHASES
companies provided a Dow states that there are three phases to every primary (major) trend, which is the most important trend to be paid
good indication of the attention to.
economic health of the Accumulation phase – the first stage of informed investors to start entering the market with the belief that turning point is inevitable.
Public participation phase – in this phase prices start rising rapidly and economic news improves becoming more optimistic.
country. Distribution phase – this phase takes place when economic conditions and news reach their peaks. Many investors become more
encouraged and public participation increases, as media keeps on publishing bullish stories.
In 1897, Dow determined
that two separate indices
would better represent that
THE AVERAGES MUST CONFIRM EACH OTHER
Dow stated that for having a valid change of trend, the Industrial and Rail Averages must confirm each other. Both
health, and created a 12
averages must exceed the previous peak to confirm the inception or continuation of a bull market. According to Dow,
stock industrial index and a
the signals did not have to occur simultaneously, but he believed that a shorter length of time between the two signals
20 stock rail index. By 1928 provided stronger confirmation.
the industrial index had
grown to include 30 stocks,
the number at which it VOLUME MUST CONFIRM THE TREND
stands today. Dow paid much attention to price action, because he considered the main signals for buying and selling to be based on
price movements. Dow recognized volume as a secondary indicator, which played an important role in confirming price
signals. In other words, the volume should expand in the direction of the primary/ major trend.
TREND IS ASSUMED TO BE CONTINUOUS UNTIL DEFINITE SIGNALS OF ITS REVERSAL

Dow believed that trends kept on existing regardless of the influencing factors known as “market noise.” Markets might
move in the direction opposite the trends for a short time, but they will soon return to prior move. According to the
physical low of motion, an object in motion remains in the same direction until an external force causes it to change the
direction. Dow in his turn believed that if the trend lasted longer, the probability of its change would be greater and, of
course, there are reversal signals to look for.
THREE PRINCIPLES OF TECHNICAL ANALYSIS

PRICE DISCOUNTS EVERYTHING
According to technical analysts, price reflects everything that can affect the market. Factors, affecting the market, are economic, political, psychological
and fundamental. Technical analysis is mainly concerned with the price movements going up or going down, and it does not take into consideration the
factors that affect the price changes.
PRICES MOVE IN TRENDS

In technical analysis it is accepted to say that price movements follow the trend. That is to say after the trend has been established it is more likely that the
future price movement will be in the same direction as the trend.
HISTORY REPEATS ITSELF

History tends to repeat itself mostly in terms of price movements. Technical analysis uses chart patterns for analyzing the historical data of price movements
for forecasting the future movements. The repetition of the price movements is closely connected to market psychology, and the market participants are
expected to react the same way to the similar events which are likely to occur in future.
THE OLD AND WISE
TAKE A SIMPLE IDEA AND TAKE IT SERIOUSLY.

This is a excerpt from ‘The wit and wisdom of Charles T Munger’.
-
Chapter 3 : Mungerism
-
KEYS TO SUCCESS
We try more to profit from always remembering the obvious than from grasping the esoteric. It is remarkable how much long-
CHARLIE MUNGER term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
THE IMPORTANCE OF TEMPERAMENT, PATIENCE, AND CURIOSITY

One of the key elements to successful investing is having the right temperament-most people are too fretful; they worry too
much. Success means being very patient, but aggressive when it's time. And the more hard lessons you can learn vicariously
Charlie tells the apocrypha rather than through your own hard experience, the better.
story of Max Planck and the
I think there's something to be said for developing the disposition to own stocks without fretting. [But] temperament alone
chauffeur who drove him to
won't do it. You need a lot of curiosity for a long, long time.
the public lectures he gave
throughout Germany. You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually
improves your ability to focus on reality. If you don't have that case of mind, you're destined for failure even if you have a
high I.Q.
On one occasion the chauffeur
who by this time knew the FOCUS INVESTING
lecture by heart, suggested Our investment style has been given a name-focus investing-which implies ten holdings, not one hundred or four hundred.
that he and Planck switch The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But
places. At the conclusion of ninety-eight percent of the investment world doesn't think this way. It's been good for us-and you-that we've done this.
the chauffeur flawless Our game is to recognize a business idea when it comes along when one doesn't come along very often, Opportunity comes
recitation of the lecture, a to the prepared mind.
physicist stood up and posed a
very difficult question. The MISTEACHING INVESTING
chauffeur, ready for the Beta and modern portfolio theory and the like none of it makes any sense to me. We're trying to buy businesses with
situation, replied, "I'm sustainable competitive advantages at a low, or even a fair, price. How can professors spread this [nonsense that a stock's
surprised that a citizen of an volatility is a measure of risk]?
advanced city like Munich is I've been waiting for this craziness to end for decades. It's been dented, but it's still out there. Warren once said to me, "I'm
asking so elementary a probably misjudging academia generally [in thinking so poorly of it] because the people that interact with me have bonkers
question, so I'm going to ask theories."
my chauffeur to respond."
DIVERSIFICATION
The idea of excessive diversification is Madness we don't believe that widespread diversification will yield a good result we
In the red world, it is critical believe almost all good investments will involve relatively low diversification if you to cover top 15 decisions out we would
have a pretty average record it wasn't hyper activity but help of a lot of patience used truck to your principles and when
to distinguish when you are opportunities come along you pounced on them with vigor.
"Max Planck," and when
you are the "chauffeur." SIT-ON-YOUR-ASS INVESTING
If you buy something because it's undervalued then you have to think about selling it when it approaches your calculation
of its intrinsic value that's hard but if you buy a few great companies then you can sit on your ass that's a good thing we are
If You cannot respond partial to putting out large amounts of money when we don't have to make another decision.
legitimately to the next
question, you lack true BUYING INTO STOCK DECLINES
mastery and are likely outside Over many decades, our usual practice is that if [the stock of something we like goes down, we buy more and more.
your "Circle of Competence." Sometimes something happens, you realize you're wrong, and you get out. But if you develop correct confidence in your
judgment, buy more and take advantage of stock prices.
Attractive investment opportunities tend to be ephemeral. Really good investment opportunities aren't going to come along
CIRCLE OF too often and won't last too long, so you've got to be ready to act. Have a prepared mind.
COMPETENCE
MISTAKES
There are a lot of things we pass The most extreme mistakes in Berkshire's history have been mistakes of omission. We saw it, but didn't act on it. They're huge
on. We have three baskets: in, mistake-we've lost billions. And we keep doing it. We're getting better at it. We never get over it.
our, and too tough. We have to There Are two types of mistakes:
have a special insight, or we'll 1) doing nothing that Warren calls "sucking my thumb" and
put it in the "too tough" basket. 2) buying with an eyedropper things, when we should be buying a lot of.
All you have to look for is a
special area of competency and After nearly making a terrible mistake not buying ‘See's candy’, we've made similar mistakes many times. We are apparently
slow learners. These opportunity costs don't show up on financial statements but have cost us many billions. Since mistakes
focus on that.
of omission [aren't visible], most people don't pay attention to them. We rub our noses in mistakes of omission-as we just did.
If you have competence, you [They had just discussed failing to buy Walmart stock because it moved up a bit, a $10 billion mistake.
know the edge. It wouldn't be a
competence if you didn't know LEARNING PROCESS
where the boundaries lie. I don't know anyone who learned to be a great investor] with great rapidity. Warren has gotten to be one hell of a lot better
investor over the period I've known him, as have I. So the game is to keep learning. You gotta like the learning process.
[Asking whether you've passed
the boundary is] a question that
almost answers itself. ~.~
THE MIGHTY MAUBOUSSIN
DECEMBER 13, 1995
Gaining a competitive advantage in the investing business is certainly challenging. To tackle this problem, an analyst must first clearly understand what the market cares about
and then decipher the drivers of shareholder wealth. Further, only to the extent that these value drivers are different from, or tangential
to, the day-to-day investment chatter can they be considered of incremental informational or analytical value.
This report seeks to outline a solution to this investing challenge. We have attempted to do this in a few steps. First, we use basic
statistical tools to understand the elements that best explain valuation in a particular industry. We then consider what our empirical
evidence says about stock market behavior. Finally, we outline the facets of value that should be the focus of managers and investors
alike.
Our conclusion also serves as our title: translated into English, it simply means “the more things change, the more they stay the same.”
That is, companies can partake in M&A, write-offs, restructuring programs, strategic repositionings, and accounting chicanery, but at
the end of the day what matters is a company’s ability to generate satisfactory cash returns on the capital it employs. Doing so consistently in the face of a rapidly changing
business world requires hard work, foresight, and discipline.
Plus Ça Change, Plus C’est Pareil

Michael J. Mauboussin heads consilient research at Morgan Stanley division Morgan Stanley Investment Management's Counterpoint Global, an open-end mutual fund
MESSAGE FROM THE MARKET

Competitive Advantage Period (CAP)
Length of time a company can sustain returns above
its cost of capital. It is a function of internal and
We can draw two important conclusions about what our evidence says about markets behavior. external factors such as industry structure,
competitive position, government policy, and overall
1. The first is that the market recognizes and impounds value creation by granting a multiple of invested capital in excess of market confidence.
1.0. This is often called the “$1 test.”
Enterprise Value
2. Second, the market is consistent in this regard over time, meaning it “cares about” returns on invested capital day in, Market value of equity (shares outstanding times
day out and year in, year out. stock price) plus total debt (short-term and long-term)
plus preferred stock.
Warren Buffett, one of America’s most successful investors, described the use of the “$1 test” in his 1982 Berkshire Hathaway letter to shareholders.
Invested Capital Sum of the net assets a company
He wrote, “it is our job to select businesses with economic characteristics allowing each dollar of retained earnings to be translated eventually into at employs to generate its cash flows. As net assets must
least a dollar of market value.” be financed, invested capital may be calculated from
either side of the balance sheet. From the asset side,
Buffett’s focus on this measure was particularly appropriate in the early 1980s, when interest rates, and hence capital costs, were at extraordinarily invested capital equals net working capital, net PP &
E, goodwill and other operating assets.
high levels. The central point is that how much or how little management invests back into the business is not as important as the concept that all
capital tied up in a business pull its economic weight. Further, the market generally clearly sees whether or not this is occurring. Economic Book Value (EBV) The “steady state”
value of the firm. It equals the company’s most recent
Remarkably, in every case the market simply repriced the multiple accorded the business to adjust to the new, low-ROIC reality. The more things net operating profit after tax capitalized by the
change, the more they stay the same. company’s weighted average cost of capital minus
debt. A price-to-economic-book-value ratio of 1.0
suggests the market expects no value creation. Any
MESSAGE TO MANAGEMENT ratio above 1.0 assumes value creation and anything
below 1.0 assumes value destruction.
Our overriding message to management is that maximizing shareholder value should be its primary goal. There are two fundamental drivers of
Economic Value Added (EVA) Seeks to determine
shareholder wealth to which managers should be sensitive. the “residual” income of a company by charging
1. There should be an unrelenting focus on making sure that all the capital lodged in the business generates returns in excess of the cost of NOPAT with a capital charge. EVA can be positive
only when a company’s NOPAT is greater than the
capital (or can reasonably be expected to do so), with an eye toward returning non-productive capital back to shareholders. minimum return required by capital providers for the
2. Second, managers should constantly seek to invest in value-creating projects and strategies. net assets the company employs. The formula is:
NOPAT - (invested capital * WACC)
We sense that too much of the dialogue in the investment business deals with near-term accounting-based results, and that not enough attention is paid
to capital allocation. Marakon Associates, a consulting firm that concentrates on value-based performance measuring and planning, states that, in its Free Cash Flow (FCF) Represents the cash that is
distributable to all claimholders. It is after tax, after
experience, 100% of the value created for most companies is concentrated in less than 50% of the capital employed. capital investment (working and fixed capital
spending), but before financing costs. Free cash flow
The second point, is the importance of investing only in value creating projects and strategies. This seemingly obvious comment has a couple of more is the difference between NOPAT and I. FCF is the
subtle implications. number that is projected and discounted to a present
value in a dis-counted cash flow model.
First, managers must be sensitive to all balance sheet items that add to invested capital, not just obvious ones like capital expenditures and acquisitions.
A good example is working capital, which often does not get the scrutiny it deserves. Net Operating Profit After Tax (NOPAT)
Second, we believe it is necessary to distinguish between projects and strategies. Hence we stress that managers invest in strategies that maximize the Represents the cash profits a company would earn if it
value of the firm. That noted, we believe too many managers hide behind the cloak of “strategic” investments as they misallocate capital. Simply were completely debt-free. Operating income is
reduced by adjusted taxes—which incorporate the
stated, capital allocation, in the broadest sense of the term, is management’s central long-term task. cash taxes paid and the value of the tax shield from
interest expense—and is increased by the amortiza-
MESSAGE TO ANALYSTS
tion of goodwill. NOPAT is the numerator for an
ROIC calculation.
Return on Invested Capital (ROIC) Net operating

If in fact the ROIC to WACC spread (financial) is the key driver of the enterprise value to invested capital multiple (valuation), it would appear profit after tax (NOPAT) divided by average invested
worthwhile to consider how an analyst might gain a competitive advantage. capital. ROIC shows a company’s cash rate of return
on the sum of capital it has put to work. When
compared to the weighted average cost of capital,
We believe Invested capital, however, tends to get proportionately less attention, and hence may be a better area for analytical focus. In other words, ROIC can help determine whether or not a company
analysts who dig to understand the allocation of capital and the prospective returns on the employed capital may be better able to appreciate is creating value for its shareholders.
future earnings power and the direction of valuation multiples (including multiples of earnings and cash flow).
Weighted Average Cost of Capital (WACC)
Reflects the opportunity cost for debt and equity
Not surprisingly, we find that the way of gaining an edge as an investor is identical to the method of gaining a competitive advantage as a manager.
holders, weighted for their relative contribution to a
Understand where the capital is going, how much is going there, and at what return that capital will be greeted. company’s capital structure. It is the minimum
economic return a company must generate to com-
As simple as it sounds in theory, it is extraordinarily difficult to pursue in practice. pensate its debt and equity security holders for their
assumed risk.
THE NOT SO TRANSPARENT BONDS
Electoral bonds, meant to ensure transparency in funding of political parties, have ended up potentially compromising corporate governance by enabling the
flow of funds between companies via various financial arrangements—without limits and without adequate disclosures, data released last week shows. One such
opaque arrangement involved the use of small, nondescript group companies as pass-throughs, as the case of Kolkata-based Madanlal Ltd shows.
UNACCOUNTED GENEROSITY COMPANY

Madanlal Ltd bought electoral bonds for ₹186 crore. A part of PROFILE
the MKJ Group and Keventer Group, whose two other
companies bought electoral bonds separately worth ₹192 crore The Company has been
and ₹195 crore, respectively. Each of these three companies incorporated on 10th May,
1983 in the name of
was among the top 10 buyers of electoral bonds, but none Paramount Mercantiles
seemed prudently aligned with their underlying businesses’ profits. Limited. The name of the
Madanlal’s extent of disproportion was especially glaring—in 2021-22, Company was changed to
its total income was just ₹3 crore. Madanlal Limited on 5th
December, 1991and has
been listed at The Calcutta
Its annual reports don’t disclose where the money to buy electoral Stock Exchange Limited
bonds came from; What is known is that Madanlal bought its bonds on since 11th March, 1994.
8 and 10 May 2019, preceding the last two stages of the 2019 general The Company is a part of
elections that saw voting for 118 seats, including 17 from West Bengal. MKJ Group & Keventer
Group of companies. The
A director of Madanlal is Radhe Shyam Khetan, who is also a director in Company is engaged in
MKJ Enterprises. Data from the ministry of corporate affairs shows that purchase and sale of
through various companies, or directors therein, links can also be traced securities and real estate
to the Keventer Group. With the electoral bond scheme, these connections started mattering more. sector.
गोपनीयता
BEFORE 2017, the Companies Act allowed The first indication is the sharp rise in its
companies to donate to political parties, but within revenues, the timing of which overlaps with
the launch of the electoral bonds scheme on 1
limits. Companies could donate up to 7.5% of the
March 2018. Madanlal’s revenues increased
three-year average of their net profit. Effectively, from ₹20 crore in 2016-17 to ₹150 crore in
companies needed to be cumulatively profitable 2018-19 and to ₹297 crore in 2019-20, before
over three years to be able to donate. They also had crashing to ₹3 crore in 2021-22. In the annual
to specify the names of parties to which they had donated. The reports, the big revenue jumps are recognized as “other operating
electoral bonds scheme did away with both profitability and income” and no further explanation is provided. Interestingly, even
disclosure requirements. as revenues soared, profits barely budged. According to
Madanlal’s 2019-20 annual report, it is “primarily engaged in
It brought companies like Madanlal into play. Between 2016-17 trading in stainless steel and allied products”.
and 2019-20, the firm posted a cumulative net loss of ₹2.62 crore.
Under the old regime, Madanlal could not have donated to a Since the electoral bonds were purchased in May 2019, in the old
disclosure regime, they would have found a mention in the
political party. But the electoral bonds scheme allows it to donate company’s 2019-20 statements. But the 2019-20 annual report of
using its own funds, and to donate on behalf of others, without Madanlal is silent on purchases of electoral bonds, as there was no
limits, which it possibly did. legal requirement to do so by that time.
MENACE THAT IS MADANLAL

OTHER INCOMES &
OTHER EXPENDITURES
IF REVENUES soar, but profits remain flat, expenses must have risen in parallel, and this is what we
find with respect to Madanlal. When “normal” companies scale sharply in terms of revenues, accompanied by a bump
in expenditure, this is typically because they have had to buy more raw materials or hire more people to make those extra
revenues happen. This is the extra cost of doing more business.
In Madanlal’s case though, almost all the jump in expenses came from just one item, tucked away under the innocuous
head, “other expenditure”. One of the sub-heads under “other expenditure” is “donations”, which amounted to 75% of
total expenditure in 2017-18, 85% in 2018-19, and 96% in 2019-20.
More interestingly, while the electoral bonds data, which starts from 12 April 2019, shows Madanlal bought bonds
amounting to ₹186 crore, the company’s annual reports show it spent ₹440 crore on “donations” between 2017-18 and
2019-20.
Given that the electoral bonds scheme started on 1 March 2018, it is possible that more bonds were purchased. In either
case, where Madanlal received the money from is not disclosed.
Like Madanlal, there are several companies whose purchases of electoral bonds show a mismatch with their running
scale of operations and profitability. Of the 1,263 buyers, we were able to match 771 companies with the database of the
corporate affairs ministry database.
Of these 771, CMIE had financial data for 329 companies whose electoral bond purchases amounted to ₹9,185 crore.
For 10 of those, electoral bond purchases exceeded their cumulative profit between 2016-17 and 2022-23, which
wouldn’t have been possible in the older regime.
ALL SMOKES FOR NOW
ITC Ltd’s investors have been worried this year
The company’s stock has fallen a tad over

9% since the year began, which is
substantially higher than the 5% drop of the
sectoral index Nifty FMCG.
So what explains the downbeat

performance now?
Apparently, a slew of things.
THIS BAT SWINGED FOR A SELL ADANI’s SPENDING SPREE

For instance, the stake sale by ITC’s largest shareholder, British American Tobacco (BAT), had put its stock under pressure. Adani group plans to invest more than
But with the stake sale now in the rear view mirror, the supply overhang on the stock has cleared. ₹1.2 trillion (about $14 billion) across
its portfolio companies that range from
Now, BAT has 25.5% stake in ITC, and more offloading is unlikely. Moreover, an additional stake sale can only happen after ports to energy, airports, commodities,
the 180-day lock-in ends. cement and media in fiscal year starting
1 April, as it doubles down on its $100
The end of uncertainties over stake sale and a good dividend distribution policy, should comfort investors, said Sharekhan by billion investment guidance over the
BNP Paribas. next 7–10 years to grow businesses,
persons aware of the group’s plans said.
The projected capital expenditure, or

capex, for 2024-25 (April 2024 to
IN NEED FOR CHAIN-SMOKERS March 2025) fiscal is 40% higher than
what the portfolio is estimated to have
incurred in FY24.
And the reason is the company’s mainstay cigarette business, where volume in the December quarter has been pegged
to have fallen 2% year-on-year, after several quarters of growth. Any positive surprises can be ruled out in Q4FY24, According to analysts, the portfolio is
given the high base of the segment; it grew about 12% in Q4FY23. While analysts do expect volume to inch up year- estimated to have incurred a capex of
on-year in Q4, the growth rate is likely to be muted. around $10 billion in FY24 that ends on
31 March.
Also, a recent channel check by Antique Stock Broking showed how
ITC has reduced cigarette inventory in the channel for better control Persons in the know said these
investments will set the stage for
and improved return ratios of its distributors. Note that the cigarette exponential profit growth.
business’s EBIT is over 78% of ITC’s EBIT in 9MFY24.
The group had previously guided a
ITC is a step ahead of its peers in the fast-moving consumer goods $100 billion capex over the next 7–10
(FMCG)-Others segment, though the segment’s revenue growth years. Most of this investment is going
rate has been tapering. And subdued rural demand is a key reason. to go into fast growing businesses of the
On top of that are elevated costs of raw materials, like sugar, which group—renewable, green hydrogen,
creates a hea-dwind for margin outlook. The Others segment incl- and airports.
udes branded packaged foods, education and stati-onery products, As much as 70% of the planned capex
personal care products, matches and agarbattis. will go into its green portfolio—
primarily renewable power, green
hydrogen, green evacuation. Of the
Nonetheless, ITC expects the segment’s margin to expand by 100 remaining 30%, the majority will be
basis points per year, in line with the previous years’ trend. This will spent on airports and ports businesses,
be driven by mix, scale and optimization. One basis point is 0.01%. they said.
Then comes ITC’s paperboards, paper & packaging segment, which In calendar year 2023, the portfolio
continues to see dismal numbers. The segment’s Ebit has dropped delivered a $9.5 billion Ebitda (up
by 41% in 9MFY24, weighed by dull demand in domestic markets, 34.4% year-on-year), while its net debt
has reduced by 4% from March 2023 to
low-priced Chinese supplies in the global market, and elevated input
September 2023 (balance sheet figures
costs. But there could be light at the end of the tunnel. “We believe are only declared half yearly).
revenue and margin (of paper business) should bottom out in a
couple of quarters, and performance sho-uld improve in H2FY25,”
said Antique Stock Broking report on 15 March.
Even the company’s agri business stays constrained by trade curbs imp-osed on commodities such as wheat and rice.
But the company’s hotels business is on a relatively stronger footing. ITC’s hotels business has seen better traction
on average room rates and occupancy levels. The company plans to demerge its hotels business and list it separately.
It has also recei-ved approval from the stock exchanges for this.
Meanwhile, the drop in ITC’s stock price has meant that valuations have cooled off. ITC shares trade at over 23 times
their FY25 estimated earnings, according to Bloomberg. This is cheaper than most of its FMCG peers. But whether
this attracts increased investor attention will depend on the earnings growth trends in its key business segments.
WEEK 12
18-24 March, 2024
INSIDER
TRADING
BUY?
Sentiment Measures from External Data
SELL?
PLEDGE?
Why are people who are appalled at

insider trading so quick to trade on inside
information when it comes their way?
-Jonathan Clements
% BROADCASTE
NAME OF THE CATEGORY OF NO. NO. OF SECURITIES VALUE OF SECURITY ACQUISITION/DISPOSAL NO. % MODE OF
COMPANY SHAREHOLDING DATE AND
ACQUIRER/DISPOSER PERSON (PRIOR) (ACQUIRED/DISPLOSED) (ACQUIRED/DISPLOSED) TRANSACTION TYPE (POST) POST ACQUISITION
(PRIOR) TIME
Sterling and Wilson Renewable Revokation of 23-03-2024

Khurshed Yazdi Daruvala Promoters 3443662 1.48 193662 90711281 Pledge Revoke 3443662 1.48
Energy Limited Pledge 16:43
23-03-2024
Kanpur Plastipack Limited Mahesh Swarup Agarwal Promoters 3263601 15.2 3263601 0 Sell Nil 0 Off Market
16:14
23-03-2024
Kanpur Plastipack Limited UA Private Family Trust Promoter Group 37375 0.17 1305441 0 Buy 1342816 6.25 Off Market
16:14
23-03-2024
Kanpur Plastipack Limited MA Priate Family Trust Promoter Group 76628 0.36 979080 0 Buy 1055708 4.92 Off Market
16:14
Shashank Private Family 23-03-2024
Kanpur Plastipack Limited Promoter Group 30223 0.14 979080 0 Buy 1009303 4.7 Off Market
Trust 16:14
Market 23-03-2024
Smartlink Holdings Limited KAMALAKSHA RAMA NAIK Promoters 4929710 49.42 13550 2303496 Buy 4943260 49.56
Purchase 16:06
Kanchi Resort Private Market 23-03-2024
Krishana Phoschem Limited Promoter Group Nil 0 10301 2581784 Buy 10301 0.02
Limited Purchase 16:04
CHANDAN SANJEEV Market 23-03-2024
The Ugar Sugar Works Limited Promoters 734579 0.65 22521 1571415 Buy 757100 0.67
SHIRGAOKAR Purchase 15:46
Market 23-03-2024
Cool Caps Industries Limited Rajeev Goenka Promoters 69000 0.6 1000 450000 Buy 70000 0.61
Purchase 15:45
Market 23-03-2024
Cool Caps Industries Limited Purv Flexipack Limited Promoters 7152750 61.87 750 338588 Buy 7153500 61.88
Purchase 15:45
Invocation of 23-03-2024
Shrenik Limited Shrenik Sudhir Vimawala Promoters 188232762 30.75 100000 110000 Sell 188132762 30.74
pledge 15:42
Inter-se- 23-03-2024
JK Cement Limited KALPANA SINGHANIA Promoter Group 370000 0.48 800 0 Sell 369200 0.48
Transfer 14:30
Inter-se- 23-03-2024
JK Cement Limited NIDHIPATI SINGHANIA Promoter Group 44928 0.06 800 0 Buy 45728 0.06
Transfer 14:30
23-03-2024
Univastu India Limited PRADEEP KHANDAGALE Promoters 7682812 67.6 23000 3312000 Sell 7659812 67.4 Market Sale
13:08
23-03-2024
Medicamen Biotech Limited Growel Remedies Limited Promoter Group 200000 1.57 200000 83886078 Sell Nil 0 Market Sale
12:26
Market 23-03-2024
Medicamen Biotech Limited Shivalik Rasayan limited Promoters 5266095 41.42 200000 84871007 Buy 5466095 42.99
Purchase 12:26
23-03-2024
Shrenik Limited Shrenik Sudhir Vimawala Promoters 194822762 31.83 6590000 6523650 Sell 188232762 30.75 Market Sale
11:31
23-03-2024
GRP Limited Jayvanti Manharlal Desai Promoter Group 454 0.03 54 344966 Sell 400 0.03 Market Sale
11:15
22-03-2024
Steel Strips Wheels Limited Munish Kumar Chugh - 8500 0.01 1000 246000 Sell 7500 0.01 Market Sale
20:26
22-03-2024
Steel Strips Wheels Limited Sushil Gupta - 24000 0.02 2000 479591 Sell 22000 0.01 Market Sale
20:26
22-03-2024
Sejal Glass Limited Mr. Chandrakant V Gogri Promoter Group 2924931 28.96 151931 50170302 Sell 2773000 27.46 Market Sale
20:15
Clean Science And Technology Key Managerial 22-03-2024
Pratik A. Bora 1667 0 1667 2161849 Buy 3334 0 ESOP
Limited Personnel 19:20
Deepak Fertilizers And Robust Marketing Services Market 22-03-2024
Promoters 10882301 8.62 31000 15085384 Buy 10913301 8.65
Petrochemicals Corporation Limited Private Limited Purchase 19:14
Kothari Investment & Market 22-03-2024
Albert David Limited Promoters 2358231 41.32 2300 2560742 Buy 2360531 41.36
Industries Private Limited Purchase 19:07
Kothari Phytochemicals & Market 22-03-2024
Albert David Limited Promoters 90500 1.59 2700 2946684 Buy 93200 1.63
Industries Limited Purchase 19:07
MADHULIKA JITENDRA 22-03-2024
Jindal Worldwide Limited Promoters 29999745 14.96 2000000 0 Sell 27999745 13.96 Gift
AGRAWAL 18:41
Firstsource Employee Market 22-03-2024
Firstsource Solutions Limited Other 9276900 1.4 100000 18538121 Buy 9376900 1.4
Benefit Trust Purchase 18:40
EQUILIBRATED VENTURE Pledge 22-03-2024
Paisalo Digital Limited Promoter Group 62057941 13.82 3200000 204800000 Pledge 62057941 13.82
CFLOW PRIVATE LIMITED Creation 18:32
Market 22-03-2024
Star Cement Limited NANCY CHOUDHARY Promoter Group 164621 0.04 1533 307222 Buy 166154 0.04
Purchase 18:09
Market 22-03-2024
Star Cement Limited NANCY CHOUDHARY Promoter Group 166154 0.04 58213 11802850 Buy 224367 0.06
Purchase 18:09
22-03-2024
Sapphire Foods India Limited RAHUL KAPOOR Immediate relative 140 0 40 66000 Sell 100 0 Market Sale
18:03
22-03-2024
Sapphire Foods India Limited RAHUL KAPOOR Immediate relative 220 0 80 128800 Sell 140 0 Market Sale
18:03
Cyber Media Research & Services Market 22-03-2024
Mina Chand Other 23200 0.79 2400 322320 Buy 25600 0.87
Pledge 22-03-2024
ADF Foods Limited Parul B. Thakkar Promoters 5429135 4.94 50000 9380000 Pledge 5429135 4.94
Creation 17:34
Pledge 22-03-2024
ADF Foods Limited Sumer B. Thakkar Promoters 2894500 2.63 50000 9612500 Pledge 2894500 2.63
Creation 17:34
AMOL ASHOK 22-03-2024
Intellect Design Arena Limited - 12500 0.01 3900 4502640 Sell 8600 0.01 Market Sale
BIRWADKAR 17:34
Zuari Industries Limited
Chambal Fertilizers & Chemicals Pledge 22-03-2024
(formerly Zuari Global Promoters 56964966 14.22 400000 135080000 Pledge 56964966 14.22
Limited Creation 17:30
Limited)
Zuari Industries Limited
Chambal Fertilizers & Chemicals Pledge 22-03-2024
(formerly Zuari Global Promoters 56964966 14.22 800000 270160000 Pledge 56964966 14.22
Limited Creation 17:30
Limited)
Sixth Sense India Market 22-03-2024
Parag Milk Foods Limited Other 7964816 6.67 202429 40555582 Buy 8167245 6.84
Opportunities III Purchase 17:28
HARSHBEENA SAHNEY Market 22-03-2024
NRB Bearing Limited Promoters 11463076 11.83 4750 1272314 Buy 11467826 11.83
ZAVERI Purchase 17:25
Market 22-03-2024
Manomay Tex India Limited Yogesh Laddha Promoters 438605 2.43 33533 5704811 Buy 472138 2.62
Purchase 17:02
Mangalore Chemicals & Fertilizers ZUARI AGRO CHEMICALS Revokation of 22-03-2024
Promoters 64028362 54.03 1177000 120230550 Pledge Revoke 64028362 54.03
Limited LIMITED Pledge 17:00
Infosys Employee Benefits 22-03-2024
Infosys Limited Other 10922594 0.27 5765 8962846 Sell 10916829 0.27 Off Market
Trust 16:55
INDUS CAPITAL PRIVATE Market 22-03-2024
Indowind Energy Limited Promoter Group 1592109 1.48 400000 8460000 Buy 1992109 1.86
LIMITED Purchase 16:54
22-03-2024
Indowind Energy Limited Ind Eco Venutres Limited Promoter Group 447109 0.42 447109 9214335 Sell Nil 0 Market Sale
16:54
22-03-2024
Indowind Energy Limited INDUS FINANCE LIMITED Promoters 4631765 4.32 400000 8400000 Sell 4231765 3.95 Market Sale
16:54
22-03-2024
Indowind Energy Limited INDUS FINANCE LIMITED Promoters 4231765 3.95 400000 8460000 Sell 3831765 3.57 Market Sale
16:54
Bengal & Assam Market 22-03-2024
JK Lakshmi Cement Limited Promoters 52099121 44.28 35263 28704021 Buy 52134384 44.31
Company Ltd. Purchase 16:44
Ventex Trade Private Market 22-03-2024
Skipper Limited Promoter Group 5666250 5.02 54000 8014364 Buy 5720250 5.06
22-03-2024
NCL Industries Limited P N Raju Director 935010 2.07 60000 11159400 Sell 875010 1.93 Market Sale
16:31
Jayraj Gokuldas Udeshi Inter-se- 22-03-2024
Jayant Agro Organics Limited Promoter Group Nil 0 50800 0 Buy 50800 0.17
(HUF) Transfer 16:31
Jayraj Gokuldas Udeshi Inter-se- 22-03-2024
Jayant Agro Organics Limited Promoter Group 50800 0.17 50800 0 Sell Nil 0
(HUF) Transfer 16:31
Ravi Agrawal, Trustee Revokation of 22-03-2024
Ajanta Pharma Limited Promoters 16386623 13.01 9770 20728032 Pledge 16386623 13.01
Ravi Agrawal Trust Pledge 16:20
22-03-2024
Shyam Century Ferrous Limited Sumitra Devi Agarwal Promoter Group 1358929 0.64 2500 47500 Sell 1356429 0.64 Market Sale
15:58
22-03-2024
Shyam Century Ferrous Limited Rajesh Kumar Agarwal Promoters 2956062 1.39 2500 47500 Sell 2953562 1.39 Market Sale
15:56
22-03-2024
Dr. Lal Path Labs Ltd. Om Prakash Manchanda Director 989002 1.18 16000 33114000 Sell 973002 1.17 Market Sale
15:53
22-03-2024
Shyam Century Ferrous Limited Bhawna Agarwal Promoter Group 1113101 0.52 1405 26695 Sell 1111696 0.52 Market Sale
15:53
Bajaj Allianz Life Insurance Market 22-03-2024
Bajaj Finance Limited Promoter Group Nil 0 5000 500000000 Buy 5000 0
Co. Ltd. Purchase 15:46
Market 22-03-2024
Berger Paints (I) Limited U.K Paints (India) Pvt. Ltd. Promoter Group 583998478 50.09 37000 20404051 Buy 584035478 50.1
Purchase 15:37
Cyber Media Research & Services Market 22-03-2024
Pradeep Gupta Promoter Group 116460 3.98 800 107160 Buy 117260 4
Krishak Bharati
Nagarjuna Fertilizers and Chemicals 22-03-2024
Cooperative Limited Promoters 10362726 1.73 150000 1507500 Sell 10212726 1.7 Market Sale
Limited 15:24
(KRIBHCO)
Krishak Bharati
Limited 15:24
(KRIBHCO)
Mangalore Chemicals & Fertilizers ZUARI AGRO CHEMICALS Pledge 22-03-2024
Promoters 64028362 54.03 500000 50550000 Pledge 64028362 54.03
Limited LIMITED Creation 15:15
22-03-2024
Uttam Sugar Mills Limited RANJANA CHOPRA Promoter Group 3301 0.01 200000 0 Buy 203301 0.53 Gift
15:11
22-03-2024
HP Adhesives Limited Anjana Motwani Promoters 33700675 36.68 5000000 0 Sell 28700675 31.24 Gift
14:59
22-03-2024
HP Adhesives Limited Nidhi Motwani Promoter Group Nil 0 10000000 0 Buy 10000000 10.88 Gift
14:59
22-03-2024
HP Adhesives Limited Karan Motwani Promoters 31850000 34.67 5000000 0 Sell 26850000 29.22 Gift
14:59
Revokation of 22-03-2024
Apollo Hospitals Enterprise Limited K VISHWESHWAR REDDY Promoters 1577350 1.1 70000 432800000 Pledge Revoke 1577350 1.1
Pledge 14:52
MAVIKA ESTATE
Market 22-03-2024
Elin Electronics Limited CREATORS PRIVATE Promoter Group 100000 0.2 5500 774576 Buy 105500 0.21
Purchase 14:20
LIMITED
Market 22-03-2024
Elin Electronics Limited VINAY KUMAR SETHIA Promoters 467450 0.94 800 112665 Buy 468250 0.94
Purchase 14:20
Market 22-03-2024
Elin Electronics Limited KAMAL SETHIA Director 1533991 3.09 35000 4929137 Buy 1568991 3.16
Purchase 14:20
Market 22-03-2024
Elin Electronics Limited GAURAV SETHIA Promoters 2150636 4.33 600 84339 Buy 2151236 4.33
Purchase 14:20
Pledge 22-03-2024
Sonata Software Limited Hemant Kumar Bhardwaj - 25000 0.01 3000 2235000 Pledge 25000 0.01
Creation 13:37
22-03-2024
Gateway Distriparks Limited Mamta Gupta Promoters 2589513 0.52 589513 58361787 Sell 2000000 0.4 Market Sale
12:38
Perfect Communication Market 22-03-2024
Gateway Distriparks Limited Promoter Group 12678236 2.54 589513 58361787 Buy 13267749 2.66
Private Limited Purchase 12:38
22-03-2024
GRP Limited Jayvanti Manharlal Desai Promoter Group 500 0.04 46 297815 Sell 454 0.03 Market Sale
12:11
Market 22-03-2024
Elin Electronics Limited GAURAV SETHIA Promoters 2115636 4.26 35000 4930185 Buy 2150636 4.33
Purchase 11:55
22-03-2024
HDFC Bank Limited Sandep Jhawar Other 55350 0 30000 43372500 Pledge 55350 0 Market Sale
11:53
22-03-2024
HDFC Bank Limited Nasir Khan Other 8900 0 1500 2174700 Sell 7400 0 Market Sale
11:53
Eclerx Employee Welfare Market 22-03-2024
eClerx Services Limited Other 813910 1.66 2890 6949037 Buy 816800 1.67
Trust Purchase 11:33
Key Managerial 22-03-2024
IDFC First Bank Limited V. Vaidyanathan 65067464 0.92 700000 0 Sell 64367464 0.91 Gift
Personnel 11:24
22-03-2024
Zydus Lifesciences Limited Vishal J. Gor - 862 0 862 832676 Sell Nil 0 Market Sale
11:22
PETERHOUSE
22-03-2024
Usha Martin Limited INVESTMENTS INDIA Promoter Group 16216529 5.32 300000 86520000 Sell 15916529 5.22 Market Sale
06:18
LIMITED
Deepak Fertilizers And Robust Marketing Services Market 21-03-2024
Promoters 10852301 8.6 30000 14496264 Buy 10882301 8.62
Petrochemicals Corporation Limited Private Limited Purchase 19:47
21-03-2024
Cupid Limited Mayank Borana - 2500 0.02 519 994689 Sell 1981 0.01 Market Sale
19:38
21-03-2024
19:38
21-03-2024
19:38
Inter-se- 21-03-2024
Lords Chloro Alkali Limited Madhav Dhir Promoters 7543442 29.99 1150000 127 Buy 8693442 34.56
Transfer 19:23
Shiva Consultants Private Inter-se- 21-03-2024
Lords Chloro Alkali Limited Promoters 1167029 4.64 1150000 127 Sell 17029 0.07
Limited Transfer 19:23
Market 21-03-2024
Moxsh Overseas Educon Limited PRITI DHANANJAY SHAH Promoters 1095200 48.88 800 110952 Buy 1096000 48.91
Purchase 19:21
Market 21-03-2024
Nintec Systems Limited Niraj Gemawat Promoters 3381935 18.2 1308 629748 Buy 3383243 18.21
Purchase 19:05
Market 21-03-2024
Nintec Systems Limited Niraj Gemawat Promoters 3381309 18.2 626 297147 Buy 3381935 18.2
Purchase 19:05
Market 21-03-2024
Cool Caps Industries Limited Purv Flexipack Limited Promoters 7151250 61.86 1500 668405 Buy 7152750 61.87
Purchase 18:49
Preferential 21-03-2024
Hubtown Limited PRATITI SHAH Promoter Group 1800000 2.36 1800000 102600000 Buy 3600000 4.5
Offer 18:21
Preferential 21-03-2024
Hubtown Limited MEHA SHAH Promoter Group 1800000 2.36 1800000 102600000 Buy 3600000 4.5
Offer 18:21
IDBI Trusteeship Services 21-03-2024
Thomas Cook (India) Limited - 5191044 1.1 12622 152162 Sell 5178422 1.1 ESOP
Limited 18:03
The Peria Karamalai Tea & Produce Market 21-03-2024
PLACID LIMITED Promoter Group 1097946 35.46 3285 1089345 Buy 1101231 35.57
Company Limited Purchase 17:53
21-03-2024
Shemaroo Entertainment Limited Vinod Ravji Karani - 22339 0.08 13000 1859000 Sell 9339 0.03 Market Sale
17:43
Inter-se- 21-03-2024
Balrampur Chini Mills Limited STUTI DHANUKA Promoters 4284531 2.12 4284531 0 Sell Nil 0
Transfer 17:43
COSMO FILMS ESOP TRUST Market 21-03-2024
COSMO FIRST LIMITED Other 322322 1.23 18000 9078841 Buy 340322 1.3
2015 Purchase 17:43
Inter-se- 21-03-2024
Balrampur Chini Mills Limited VIVEK SARAOGI Promoters 57825005 28.66 4284531 0 Buy 62109536 30.79
Transfer 17:40
NAHAR CAPITAL AND
Market 21-03-2024
Nahar Spinning Mills Limited FINANCIAL SERVICES Promoter Group 16559120 45.91 1000 276542 Buy 16560120 45.92
Purchase 17:30
LIMITED
NAHAR CAPITAL AND
Market 21-03-2024
Nahar Spinning Mills Limited FINANCIAL SERVICES Promoter Group 16560120 45.92 9000 2484246 Buy 16569120 45.94
Purchase 17:30
LIMITED
Krishak Bharati
Limited 17:19
(KRIBHCO)
21-03-2024
Steel Strips Wheels Limited MANOHAR LAL JAIN - 175756 0.11 10000 2400000 Sell 165756 0.11 Market Sale
17:03
Ideaforge Technology Limited Mr. Vipul Joshi 1859090 4.46 475730 335159620 Pledge Revoke 1859090 4.46 -
Personnel 16:40
SHANKARLAL SITARAM 21-03-2024
Sumeet Industries Limited Promoters 5500000 5.31 5500000 15950000 Pledge Invoke Nil 0 Off Market
SOMANI 16:32
SOMANI OVERSEAS PVT 21-03-2024
Sumeet Industries Limited Promoter Group 10288855 9.93 10288855 30000000 Pledge Invoke Nil 0 Off Market
LTD 16:32
21-03-2024
Praxis Home Retail Limited Mahesh Shah Director 107218 0.09 10000 225000 Sell 97218 0.08 Market Sale
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
16:26
21-03-2024
Renaissance Global Limited Hitesh M. Shah Promoters 5929790 6.17 415000 44525350 Sell 5514790 5.74 Market Sale
16:14
Market 21-03-2024
Renaissance Global Limited Sumit N. Shah Promoters 1343000 1.4 76790 8413148 Buy 1419790 1.48
Purchase 16:14
21-03-2024
Renaissance Global Limited Hitesh M. Shah Promoters 5514790 5.74 76790 8384700 Sell 5438000 5.66 Market Sale
16:14
Market 21-03-2024
Renaissance Global Limited Sumit N. Shah Promoters 928000 0.97 415000 44678149 Buy 1343000 1.4
Purchase 16:14
21-03-2024
Renaissance Global Limited Pinky Dhiren Shah Promoter Group 1742580 1.81 151330 0 Sell 1591250 1.66 Gift
16:14
21-03-2024
Renaissance Global Limited Amit Chandrakant Shah Promoters 518670 0.54 151330 0 Buy 670000 0.7 Gift
16:14
21-03-2024
Shyam Century Ferrous Limited Sumitra Devi Agarwal Promoter Group 1377397 0.65 18468 349045 Sell 1358929 0.64 Market Sale
15:30
ASHISHKUMAR
Market 21-03-2024
Mahickra Chemicals Limited CHAMPAKLAL GANDHI Promoter Group 72000 0.89 1500 171750 Buy 73500 0.9
Purchase 15:29
HUF
ASHISHKUMAR
Market 21-03-2024
Purchase 15:29
HUF
21-03-2024
Shyam Century Ferrous Limited Rajesh Kumar Agarwal Promoters 2977062 1.4 21000 396900 Sell 2956062 1.39 Market Sale
15:27
Hari Prasad Agarwala & 21-03-2024
Shyam Century Ferrous Limited Promoter Group 1406908 0.66 18000 340200 Sell 1388908 0.65 Market Sale
Ors. 15:24
Ravi Agrawal, Trustee Revokation of 21-03-2024
Ajanta Pharma Limited Promoters 16386623 13.01 98357 207041485 Pledge 16386623 13.01
Ravi Agrawal Trust Pledge 14:51
AAYUSH M AGRAWAL,
Ajanta Pharma Limited TRUSTEE AAYUSH Promoters 14237664 11.31 300000 631500000 Pledge 14237664 11.31
Pledge 14:48
AGRAWAL TRUST
AAYUSH M AGRAWAL,
Pledge 21-03-2024
Ajanta Pharma Limited TRUSTEE AAYUSH Promoters 14237664 11.31 550000 1157750000 Pledge 14237664 11.31
Creation 14:48
AGRAWAL TRUST
Ritika Infracon Private Market 21-03-2024
Gokul Agro Resources Limited Promoter Group 1170800 0.79 92500 9883500 Buy 1263300 0.86
Ambica Agarbathies & Aroma RAMACHANDRA RAO Invocation of 21-03-2024
Promoter Group 1464950 8.53 700000 21000000 Pledge Invoke 764950 4.45
industries Limited ALAPATI G N V S A pledge 13:58
Reliance Chemotex Industries 21-03-2024
Rahul Shroff Promoter Group 195600 2.59 173180 0 Buy 368780 4.89 Gift
Limited 13:33
Ashapura Industrial Market 21-03-2024
Ashapura Minechem Limited Promoter Group 14831234 16.21 2500 806223 Buy 14833734 16.21
Finance Limited Purchase 13:24
Market 21-03-2024
Stel Holdings Limited SECURA INDIA TRUST Promoter Group 1134325 6.14 297 98426 Buy 1134622 6.15
Purchase 12:42
Market 21-03-2024
Purchase 12:42
Market 21-03-2024
Purchase 12:42
HARSHIL PREMJIBHAI 21-03-2024
Kanani Industries Limited Promoters 49011072 24.77 374569 1348448 Sell 48636503 24.58 Market Sale
KANANI 11:33
KANANI 11:33
Conversion of 21-03-2024
SRG Housing Finance Limited Vinod Kumar Jain Promoters 2916387 22.43 300000 60000000 Buy 3216387 24.18
security 11:16
HCL Technologies Stock 21-03-2024
HCL Technologies Limited - 5677300 0.21 2721 4482303 Sell 5674579 0.21 ESOP
Options Trust 10:54
OD Finance and
Market 20-03-2024
Shivalik Bimetal Controls Limited Investment Private Promoter Group 7606171 13.2 7000 0 Buy 7613171 13.21
Purchase 21:58
Limited
OD Finance and
Market 20-03-2024
Shivalik Bimetal Controls Limited Investment Private Promoter Group 7613171 13.21 3000 0 Buy 7616171 13.22
Purchase 21:58
Limited
ULTRA PORTFOLIO
Market 20-03-2024
Shivalik Bimetal Controls Limited MANAGEMENT PRIVATE Promoter Group 2863270 4.97 3000 0 Buy 2866270 4.98
Purchase 21:58
LIMITED
ULTRA PORTFOLIO
Market 20-03-2024
Shivalik Bimetal Controls Limited MANAGEMENT PRIVATE Promoter Group 2856270 4.96 7000 0 Buy 2863270 4.97
Purchase 21:58
LIMITED
PETERHOUSE
20-03-2024
21:41
LIMITED
Rambara Trading Private Market 20-03-2024
Mangalam Cement Limited Promoter Group 2360536 8.58 20500 13098418 Buy 2381036 8.66
Market 20-03-2024
Manomay Tex India Limited Yogesh Laddha Director 416755 2.31 21850 3742034 Buy 438605 2.43
Purchase 18:48
Market 20-03-2024
NCL Industries Limited KALIDINDI GAUTAM Director 2789087 6.17 4000 740000 Buy 2793087 6.17
Purchase 18:00
Market 20-03-2024
NCL Industries Limited NCL holdings (A&S) Ltd Promoter Group 2758815 6.1 3524 648416 Buy 2762339 6.11
Purchase 18:00
Market 20-03-2024
KPI Green Energy Limited SHANKER BAHERIA Director 345 0 150 220250 Buy 495 0
Purchase 17:34
Market 20-03-2024
KPI Green Energy Limited SHANKER BAHERIA Director 495 0 21 32637 Buy 516 0
Purchase 17:34
KITEC INDUSTRIES (INDIA) Market 20-03-2024
Emmbi Industries Limited Promoter Group Nil 0 30000 2830151 Buy 30000 0.17
PRIVATE LIMITED Purchase 17:25
Agro Tech Foods Limited SACHIN GOPAL 91864 0.37 2516 1743080 Sell 89348 0.36 Market Sale
Personnel 17:16
20-03-2024
17:14
20-03-2024
17:14
20-03-2024
17:14
20-03-2024
17:14
20-03-2024
Intellect Design Arena Limited Akash Gupta - 31833 0.02 1500 1741995 Sell 30333 0.02 Market Sale
17:11
Agro Tech Foods Limited SACHIN GOPAL 86519 0.35 5345 3171230 Buy 91864 0.37 ESOP
Personnel 17:11
20-03-2024
Silver Touch Technologies Limited Ami Ahuja Other 2000 0.02 200 1268000 Sell Nil 0 Market Sale
17:05
Market 20-03-2024
Purchase 16:46
Market 20-03-2024
Purchase 16:46
20-03-2024
Pidilite Industries Limited Maithili Parekh Promoter Group 2359598 0.46 113751 333068001 Sell 2245847 0.44 Market Sale
16:17
Market 20-03-2024
Elin Electronics Limited VINAY KUMAR SETHIA Promoters 432450 0.87 35000 4878351 Buy 467450 0.94
Purchase 16:14
Market 20-03-2024
Fusion Micro Finance Limited Devesh Sachdev Promoters 4931314 4.88 10000 4667528 Buy 4941314 4.89
Purchase 16:00
SUMEET SHANKARLAL 20-03-2024
Sumeet Industries Limited Promoters 2456337 2.37 2456337 7369000 Pledge Invoke Nil 0 Off Market
SOMANI 15:38
20-03-2024
Sumeet Industries Limited GANGADEVI SOMANI Promoter Group 1500000 1.45 1500000 4500000 Pledge Invoke Nil 0 Off Market
15:38
20-03-2024
Sumeet Industries Limited SITARAM PRINTS PVT LTD Promoter Group 125000 0.12 125000 550000 Pledge Invoke Nil 0 Off Market
15:38
20-03-2024
Sumeet Industries Limited SUMEET MENTHOL PVT LTD Promoter Group 250000 0.24 250000 1000000 Pledge Invoke Nil 0 Off Market
15:38
FLFL Employee Welfare 20-03-2024
Focus Lighting and Fixtures Limited Other 820000 1.24 486250 6126750 Sell 333750 0.51 ESOP
Trust 15:04
NAHAR SPINNING MILLS Market 20-03-2024
Nahar Poly Films Limited Promoter Group 4482706 18.23 10000 1867836 Buy 4492706 18.27
20-03-2024
Welspun Corp Limited GODFREY JOHN - 12500 0 7000 3565123 Sell 5500 0 Market Sale
14:37
20-03-2024
Welspun Corp Limited CHINTAN THAKER - 22500 0 5000 2483955 Sell 17500 0 Market Sale
14:37
20-03-2024
Godrej Consumer Products Limited ROBERT MENZIES - 5550 0 3000 3651000 Sell 2550 0 Market Sale
14:22
Niyogi Enterprise Private Market 20-03-2024
Nuvoco Vistas Corporation Limited Promoters 214587889 60.08 68000 20300992 Buy 214655889 60.1
Market 20-03-2024
Pennar Industries Limited ADITYA NARSING RAO Promoters 8857203 6.57 24750 2998085 Buy 8881953 6.58
Purchase 13:23
Market 20-03-2024
T T Limited RIKHAB CHAND JAIN Promoters 8579222 39.91 100 11440 Buy 8579322 39.91
Purchase 12:49
KANANI 12:46
20-03-2024
Camlin Fine Sciences Limited Ashish S Dandekar Promoters 19648650 11.73 1000000 100400000 Pledge 19648650 11.73 Off Market
12:13
KPIT TECHNOLOGIES
20-03-2024
KPIT Technologies Limited LIMITED EMPLOYEES Other 2934134 1.07 3310 33100 Sell 2930824 1.07 ESOP
11:32
WELFARE TRUST
KPIT TECHNOLOGIES
20-03-2024
KPIT Technologies Limited LIMITED EMPLOYEES Other 2935134 1.07 1000 1424063 Sell 2934134 1.07 ESOP
11:32
WELFARE TRUST
ASHISHKUMAR
Market 20-03-2024
Purchase 11:14
HUF
CHAMPAKBHAI K GANDHI Market 20-03-2024
Mahickra Chemicals Limited Promoter Group 49500 0.61 4500 562500 Buy 54000 0.66
HUF Purchase 11:14
Market 20-03-2024
Mahickra Chemicals Limited MITESH C GANDHI (HUF) Promoter Group 100500 1.24 6000 756000 Buy 106500 1.31
Purchase 11:14
20-03-2024
HDFC Bank Limited Kavita Patki Other 7029 0 200 290400 Sell 6829 0 Market Sale
10:44
20-03-2024
HDFC Bank Limited Nasir Khan Other 9400 0 500 724133 Sell 8900 0 Market Sale
10:44
TRISHASHNA HOLDINGS & Market 20-03-2024
Satin Creditcare Network Limited Promoter Group 37881373 34.29 33447 6716136 Buy 37914820 34.32
INVESTMENTS PRIVATE LTD. Purchase 10:12
20-03-2024
Sasken Technologies Limited J B MODY ENTERPRISES LLP Promoter Group 9603 0.06 512 769016 Sell 9091 0.06 Market Sale
09:46
19-03-2024
AU Small Finance Bank Limited Mayank Markanday - 29434 0 1500 861721 Sell 27934 0 Market Sale
22:06
Pledge 19-03-2024
AU Small Finance Bank Limited Nitin Bansal - 3646 0 3264 1878432 Pledge 3646 0
Creation 22:06
Pledge 19-03-2024
AU Small Finance Bank Limited Pankaj Sharma - 80417 0.01 3000 1752000 Pledge 80417 0.01
Creation 22:06
19-03-2024
AU Small Finance Bank Limited Pankaj Lohia - 314 0 1650 973335 Buy 1964 0 ESOP
22:06
Pledge 19-03-2024
AU Small Finance Bank Limited Pankaj Lohia - 1964 0 1650 954278 Pledge 1964 0
Creation 22:06
AU Small Finance Bank Limited Mayank Markanday - 29434 0 1500 876450 Pledge Revoke 29434 0
Pledge 22:06
19-03-2024
Dr. Reddy's Laboratories Limited Tricia N Wetzel - 1100 0 1550 9763760 Buy 2650 0 ESOP
21:29
19-03-2024
Dr. Reddy's Laboratories Limited Keerthi Kandlikar - 905 0 80 503936 Buy 985 0 ESOP
21:29
19-03-2024
Dr. Reddy's Laboratories Limited Jaya Lakshmi Ayyagari - 2674 0 503 3168497 Buy 3177 0 ESOP
21:29
19-03-2024
Alkyl Amines Chemicals Limited Sanjay Muralidhar Patil - 244 0 137 142480 Buy 381 0 ESOP
19:46
19-03-2024
Alkyl Amines Chemicals Limited Girish Naik - 1505 0 300 84000 Buy 1805 0 ESOP
19:46
JSW Energy Employees 19-03-2024
JSW Energy Limited Other 3246620 0.2 416 194052 Sell 3246204 0.2 Market Sale
Welfare Trust 19:42
JSW Energy Limited Other 3246204 0.2 91 44719 Sell 3246113 0.2 Market Sale
Welfare Trust 19:42
JSW Energy Limited Other 3248088 0.2 1468 14680 Sell 3246620 0.2 ESOP
Welfare Trust 19:42
Gyanshankar E-Trading Market 19-03-2024
Bharat Wire Ropes Limited Promoter Group 141000 0.21 191000 52606280 Buy 332000 0.49
LLP Purchase 19:26
Market 19-03-2024
Bharat Wire Ropes Limited Murarilal Mittal Promoters 1294737 1.9 3000 839841 Buy 1297737 1.9
Purchase 19:26
Gyanshankar Investment Market 19-03-2024
Bharat Wire Ropes Limited Promoters 21534925 31.65 68490 19519300 Buy 21603415 31.75
& Trading Co. Pvt. Ltd. Purchase 19:26
Gyanshankar Investment Market 19-03-2024
Bharat Wire Ropes Limited Promoters 21603415 31.75 2500 717596 Buy 21605915 31.75
& Trading Co. Pvt. Ltd. Purchase 19:26
Eclerx Employee Welfare 19-03-2024
eClerx Services Limited Other 825011 1.68 14055 32835034 Sell 810956 1.65 Market Sale
Trust 19:21
19-03-2024
Agro Tech Foods Limited ASHEESH KUMAR SHARMA - 12953 0.05 2139 1261475 Buy 15092 0.06 ESOP
18:31
19-03-2024
E2E Networks Limited Ashish Vivian Charan Other 50 0 8000 6632400 Buy 8050 0.05 ESOP
18:23
Market 19-03-2024
Choice International Limited Anil Aggarwal - Nil 0 6000 1504800 Buy 6000 0
Purchase 18:22
19-03-2024
Wipro Limited Banwari Lal Bohra Immediate relative 19031 0 6031 3106052 Sell 13000 0 Market Sale
18:14
Key Managerial Market 19-03-2024
Hi-Tech Pipes Limited ARVIND BANSAL Nil 0 4000 479379 Buy 4000 0
Personnel Purchase 18:14
Market 19-03-2024
Hi-Tech Pipes Limited SAVITA BANSAL Other Nil 0 7000 823338 Buy 7000 0
Purchase 18:14
Dr. Lal PathLabs 19-03-2024
Dr. Lal Path Labs Ltd. Other 269515 0.32 1625 16250 Sell 267890 0.32 ESOP
Employees Welfare Trust 18:04
Dr. Lal PathLabs 19-03-2024
Dr. Lal Path Labs Ltd. Other 278838 0.33 9323 7293418 Sell 269515 0.32 ESOP
Employees Welfare Trust 18:04
Market 19-03-2024
NCL Industries Limited KALIDINDI RAVI Director 2472623 5.47 1500 280455 Buy 2474123 5.47
Purchase 18:02
Inter-se- 19-03-2024
ITI Limited President of India Promoters 867222152 90.25 2736405 0 Sell 864485747 89.97
Transfer 17:04
Infosys Limited Other 11064636 0.27 142042 232096628 Sell 10922594 0.27 Off Market
Trust 17:02
19-03-2024
Infosys Limited Sunil Senan - 11577 0 5000 8023582 Sell 6577 0 Market Sale
17:02
MR VIPUL HARIDAS 19-03-2024
Silver Touch Technologies Limited Promoters 2653471 20.92 9000 5805000 Sell 2644471 20.85 Market Sale
THAKKAR 16:55
Shree Digvijay Cement Co.Ltd Suresh Kumar Meher 49795 0.03 1372 135616 Sell 48423 0.03 Market Sale
Personnel 16:55
19-03-2024
NCL Industries Limited P N Raju Director 1010010 2.23 75000 13977000 Sell 935010 2.07 Market Sale
16:50
Bagamane Towers Private Market 19-03-2024
TD Power Systems Limited Other 35000 0.02 10000 2681438 Buy 45000 0.03
ADITYA VIMALKUMAR 19-03-2024
Shyam Century Ferrous Limited Director 116325 0.05 6919 130664 Sell 109406 0.05 Market Sale
AGRAWAL 16:40
19-03-2024
Shyam Century Ferrous Limited Bhawna Agarwal Promoter Group 1142325 0.54 29224 552333 Sell 1113101 0.52 Market Sale
16:34
Market 19-03-2024
Arrow Greentech Limited RAKSHA PUNGALIA Immediate relative Nil 0 3500 1332250 Buy 3500 0.02
Purchase 16:21
MR. AKHIL CHATURVEDI
(In his capacity as Trustee 19-03-2024
Prozone Realty Limited Promoter Group 1219536 0.8 33000 1148324 Sell 1186536 0.78 Market Sale
of AKHIL CHATURVEDI 15:57
FAMILY TRUST)
19-03-2024
Vascon Engineers Limited SACHIN VASANT NAIK - 79457 0.04 25000 1753000 Sell 54457 0.02 Market Sale
15:55
Bhupen Chandrakant 19-03-2024
Renaissance Global Limited Promoters 3339895 3.47 670000 0 Sell 2669895 2.78 Gift
Shah 15:13
19-03-2024
Renaissance Global Limited Pallavi Amit Shah Promoter Group Nil 0 670000 0 Buy 670000 0.7 Gift
15:13
Renosen Pharmaceuticals Market 19-03-2024
Remus Pharmaceuticals Limited Promoter Group 10150 0.69 50 267450 Buy 10200 0.69
Private Limited Purchase 15:08
Market 19-03-2024
Star Cement Limited Prem Kumar Bhajanka Promoters 41159964 10.18 24801 4956084 Buy 41184765 10.19
Purchase 15:02
MEP Infrastructure Developers Invocation of 19-03-2024
A J Tolls Private Limited Promoter Group 15650432 8.53 900000 11475000 Pledge Invoke 14750432 8.04
Limited pledge 13:25
Market 19-03-2024
Ramky Infrastructure Limited Mr. M. Siva Reddy Other Nil 0 2112 950400 Buy 2112 0
Purchase 13:23
19-03-2024
Bajaj Consumer Care Limited JAIDEEP NANDI Director 149804 0.1 5000 1100000 Sell 144804 0.1 Market Sale
12:44
LLOYDS LUXURIES
19-03-2024
Lloyds Luxuries Limited EMPLOYEES WELFARE Other Nil 0 153299 1849485 Buy 153299 0.68 ESOP
12:42
TRUST
19-03-2024
Polycab India Limited AMIT HARESH DUHLANI Immediate relative 3700 0 500000 0 Buy 503700 0.33 Gift
12:03
19-03-2024
Kaya Limited Preeti Gautam Shah Promoter Group 18000 0.14 18000 311 Sell Nil 0 Market Sale
11:37
19-03-2024
Zydus Lifesciences Limited Sharvil Pankajbhai Patel Promoters 14851 0 76 76380 Sell 14775 0 Others
11:30
19-03-2024
Zydus Lifesciences Limited Shivani Patel Promoter Group 14851 0 76 76380 Sell 14775 0 Others
11:30
19-03-2024
Zydus Lifesciences Limited Pritiben Pankajbhai Patel Promoter Group 14851 0 76 76380 Sell 14775 0 Others
11:30
19-03-2024
Zydus Lifesciences Limited Ganesh Narayan Nayak Director 250211 0.02 3933 3952665 Sell 246278 0.02 Others
11:30
19-03-2024
Zydus Lifesciences Limited Usharani Ganesh Nayak Immediate relative 103463 0.01 1626 1634130 Sell 101837 0.01 Others
11:30
Mukesh Mangalbhai 19-03-2024
Zydus Lifesciences Limited Director 11874 0 187 187935 Sell 11687 0 Others
Patel 11:30
19-03-2024
Zydus Lifesciences Limited Jigar Mukesh Patel Immediate relative 8906 0 140 140700 Sell 8766 0 Others
11:30
19-03-2024
Zydus Lifesciences Limited Kruti Mukesh Patel Immediate relative 3958 0 62 62310 Sell 3896 0 Others
11:30
19-03-2024
Zydus Lifesciences Limited Nitin Raojibhai Desai Director 378172 0.04 1926 1935630 Sell 376246 0.04 Others
11:30
Desons Holdings and 19-03-2024
Zydus Lifesciences Limited Other 1993125 0.2 10145 10195725 Sell 1982980 0.2 Others
Finance Private Limited 11:30
19-03-2024
Zydus Lifesciences Limited Nitin Raojibhai Desai HUF Other 90369 0.01 460 462300 Sell 89909 0.01 Others
11:30
19-03-2024
Zydus Lifesciences Limited Sheetal Rajan Navani Immediate relative 157318 0.02 799 802995 Sell 156519 0.01 Others
11:30
Taraben Patel Family Will 19-03-2024
Zydus Lifesciences Limited Promoter Group 14851 0 76 76380 Sell 14775 0 Others
Trust 11:30
Pankaj Ramanbhai Patel 19-03-2024
(Smaller) HUF 11:30
Pankaj Ramanbhai Patel 19-03-2024
HUF 11:30
19-03-2024
Zydus Lifesciences Limited Pankaj Ramanbhai Patel Promoters 14851 0 151 151755 Sell 14700 0 Others
11:30
19-03-2024
Zydus Lifesciences Limited Zydus Family Trust Promoters 758788706 74.96 3852363 3871624815 Sell 754936343 75.02 Others
11:30
Pripan Investment Private 19-03-2024
Limited 11:30
Market 19-03-2024
Purchase 11:28
Market 19-03-2024
Purchase 11:28
Market 19-03-2024
Purchase 11:28
PETERHOUSE
18-03-2024
21:47
LIMITED
18-03-2024
Intellect Design Arena Limited PARAMDEEP SINGH - 25645 0.02 1200 1302700 Sell 24445 0.02 Market Sale
21:20
18-03-2024
Intellect Design Arena Limited AJAI KUMAR BARAKOTI - 1335 0 1235 1200128 Sell 100 0 Market Sale
21:14
18-03-2024
Intellect Design Arena Limited Nilesh Brijraj Singh - 2150 0 1500 1762500 Sell 650 0 Market Sale
21:09
18-03-2024
Intellect Design Arena Limited BRINDHA MICHAEL - 1300 0 1070 1202286 Sell 230 0 Market Sale
21:03
Infosys Limited Other 11071170 0.27 6534 10582532 Sell 11064636 0.27 Market Sale
Trust 20:47
18-03-2024
Marico Limited Preeti Gautam Shah Promoter Group 400000 0.03 400000 199838420 Sell Nil 0 Market Sale
19:58
Computer Age Management Market 18-03-2024
Vinodh Chelambathodi - Nil 0 1000 2736110 Buy 1000 0
Services Limited Purchase 19:32
MARTIN CHINNAPPA 18-03-2024
Avenue Supermarts Limited - 29250 0 4500 18069435 Sell 24750 0 Market Sale
CHETTIAR 18:26
SANJAY NARAYAN Revokation of 18-03-2024
Avenue Supermarts Limited - 25374 0 5000 19765000 Pledge Revoke 25374 0
KADAM Pledge 18:26
Oracle Financial Services Software 18-03-2024
Vinayak Hampihallikar - 6494 0 2000 16984331 Sell 4494 0 Market Sale
Limited 17:59
Market 18-03-2024
KEI Industries Limited Nawal Singh Yadav - Nil 0 200 588000 Buy 200 0
Purchase 17:54
18-03-2024
HCL Technologies Limited Pankaj Tagra - 9646 0 9124 15054600 Sell 522 0 Market Sale
17:54
COSMO FILMS ESOP TRUST Market 18-03-2024
COSMO FIRST LIMITED Other 260322 0.99 62000 29762483 Buy 322322 1.23
2015 Purchase 17:52
18-03-2024
Rajnandini Metal Limited Het Ram Promoters 143630315 51.94 750000 8497500 Sell 142880315 51.67 Market Sale
17:14
18-03-2024
Larsen & Toubro Limited Narendra Bhat Immediate relative 558 0 558 1940473 Sell Nil 0 Market Sale
16:08
BALAXI PHARMACEUTICALS LIMITED MANGINA SRINIVAS RAO Director 5000 0.04 5000 1691250 Buy 10000 0.09
security 15:56
BALAXI PHARMACEUTICALS LIMITED MANGINA SRINIVAS RAO Director 5000 0 5000 1691250 Sell Nil 0
security 15:56
KUNAL MAHENDRA Conversion of 18-03-2024
BALAXI PHARMACEUTICALS LIMITED Director 66000 0 16000 5412000 Sell 50000 0
BHAKTA security 15:47
KUNAL MAHENDRA Conversion of 18-03-2024
BALAXI PHARMACEUTICALS LIMITED Director 139771 1.3 16000 5412000 Buy 155771 1.43
BHAKTA security 15:47
NAVIN HARI SINGH 18-03-2024
Vascon Engineers Limited - 109237 0.05 19237 1191945 Sell 90000 0.04 Market Sale
THAKUR 15:40
ABHISHEK LODHA AND Market 18-03-2024
Uma Converter Limited Promoter Group 172000 0.85 4000 104118 Buy 176000 0.87
SONS HUF Purchase 15:06
ABHISHEK LODHA AND Market 18-03-2024
Uma Converter Limited Promoter Group 172000 0.85 4000 103600 Buy 176000 0.87
SONS HUF Purchase 15:06
Rambara Trading Private Market 18-03-2024
Mangalam Cement Limited Promoter Group 2320036 8.44 40500 26675372 Buy 2360536 8.58
18-03-2024
HDFC Bank Limited Kavita Patki Other 7329 0 300 434000 Sell 7029 0 Market Sale
13:54
Market 18-03-2024
GNA Axles Limited GNA GEARS LIMITED Promoter Group 25600 0.06 500 198000 Buy 26100 0.06
Purchase 13:51
TRISHASHNA HOLDINGS & Market 18-03-2024
Satin Creditcare Network Limited Promoters 37784820 34.2 99553 19104614 Buy 37884373 34.29
INVESTMENTS PRIVATE LTD. Purchase 11:54
18-03-2024
Medicamen Biotech Limited Geetika Madan - 65039 0.51 28100 10789420 Sell 36939 0.29 Market Sale
11:54
Zaggle Prepaid Ocean Services 18-03-2024
Saurabh Puri - 79750 0.07 20000 6448622 Sell 59750 0.05 Market Sale
Limited 10:48
Zaggle Prepaid Ocean Services 18-03-2024
Saurabh Puri - 59750 0.05 10000 3217879 Sell 49750 0.04 Market Sale
Limited 10:48
Market 18-03-2024
Man Infraconstruction Limited Mansi P. Shah Promoters 59095139 15.91 231230 43704782 Buy 59326369 15.98
Purchase 09:30

WEEK 12 Merged

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Week-12 Date- 18-24/03/2024

THE WEEKLY AN INITIATIVE OF HM ASSET MANAGEMENT COMPANY

What counted was the profit

“‘I’d rather have a $10

THE T HREE ‘POWELL ’ PLAYS

THE NEXT EDITION WILL BE BETTER

THE END OF ‘NEGATIVE PUSH’

The move from negative rates to a 0 to slightly positive rates by the

THE TWO TALES OF RATES, AND MANY IN BETWEEN

WHAT COULD CAUSE INFLATION TO RE-ACCELERATE?

A NEW PHASE IN ‘EV-P’ STORY SUMMARY

 Companies setting up manufacturing

IMPLICATIONS FOR ORIGINAL EQUIPMENT MANUFACTURERS

THE GOLD RUSH

THE DOW THEORY

THE AVERAGES DISCOUNT EVERYTHING

THE MARKET HAS THREE TRENDS

TREND IS ASSUMED TO BE CONTINUOUS UNTIL DEFINITE SIGNALS OF ITS REVERSAL

THREE PRINCIPLES OF TECHNICAL ANALYSIS

PRICES MOVE IN TRENDS

HISTORY REPEATS ITSELF

TAKE A SIMPLE IDEA AND TAKE IT SERIOUSLY.

THE IMPORTANCE OF TEMPERAMENT, PATIENCE, AND CURIOSITY

DECEMBER 13, 1995

Plus Ça Change, Plus C’est Pareil

MESSAGE FROM THE MARKET

Return on Invested Capital (ROIC) Net operating

UNACCOUNTED GENEROSITY COMPANY

MENACE THAT IS MADANLAL

The company’s stock has fallen a tad over

So what explains the downbeat

THIS BAT SWINGED FOR A SELL ADANI’s SPENDING SPREE

The projected capital expenditure, or

Why are people who are appalled at

Sterling and Wilson Renewable Revokation of 23-03-2024

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